Star Health and Allied Insurance Company Limited
files DRHP with SEBI for its IPO
Star Health and Allied Insurance Company Limited (‘SHAICL’ or the ‘Company’), the largest private health insurer in India with a market share of 15.8% in the Indian health insurance market in Fiscal 2021, according to CRISIL Research, filed its Draft Red Herring Prospectus (DRHP) with the market regulator SEBI for its Initial Public Offering (IPO).
The Initial Public Offering comprises of equity shares of face value of ₹10 each (“Equity Shares”) of Star Health and Allied Insurance Company Limited comprising a fresh issue aggregating up to ₹20,000 million (the “Fresh Issue”) and an offer for sale of up to 60,104,677 equity shares, including up to 30,683,553 equity shares by Safecrop Investments India LLP (“Promoter Selling Shareholder”), up to 137,816 equity shares by Konark Trust, up to 9,518 equity shares by MMPL Trust (“Promoter Group Selling Shareholders”) up to 7,680,371 equity shares by Apis Growth 6 Limited, up to 4,110,652 equity shares by Mio IV Star, up to 7,438,564 equity shares by University of Notre Dame Du Lac, up to 4,110,652 equity shares by Mio Star, up to 2,509,099 equity shares by ROC Capital Pty Limited, up to 1,476,140 equity shares by Venkatasamy Jagannathan, up to 1,804,312 equity shares by Sai Satish and up to 144,000 equity shares by Berjis Minoo Desai (collectively, the “Other Selling Shareholders”). The offer includes a reservation for subscription by eligible employees (“Employee Reservation Portion”).
The Net Proceeds from the Fresh Issue are proposed to be utilized augmentation of the Company’s capital base.
Kotak Mahindra Capital Company Limited, Axis Capital Limited, BofA Securities India Limited, Citigroup Global Markets India Private Limited and ICICI Securities Limited are the Global Co-Coordinators and Book Running Lead Managers to the Issue.
CLSA India Private Limited, Credit Suisse Securities (India) Private Limited and Jefferies India Private Limited are the Book Running Lead Managers to the Issue.
Ambit Private Limited, DAM Capital Advisors Limited (Formerly IDFC Securities Limited) and IIFL Securities Limited are the Co-book Running Lead Managers to the issue.